Maksym Stepanenko
Managing Partner, Crystal Tax
International client projects since 2012: company structures, tax, immigration, DUNS and NCAGE. 50+ jurisdictions.
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Türkiye Offshore (offshore) zones
Turkey is located simultaneously in two parts of the world: most of it – in southwest Asia, another – in Europe. The capital of the state – Ankara, monetary unit – Turkish lira. Today, Turkey is experiencing an economic recovery. Its priority areas – industry, tourism, transport, financial sector.
Among the advantages of opening an offshore company in Turkey is the simplicity of the procedures for starting a business (obtaining licenses, permits, certificates does not cause problems); low economic risks (when running a stable and transparent business, non-residents enjoy the same rights and benefits as citizens of the state).
Turkey is not considered a classic offshore, but the country is included in the "grey list" EU, on the "black list" She is absent from the Cabinet. In addition, an agreement on the exclusion of double taxation has been concluded with Ukraine.
Legal Forms of Offshore Companies in Turkey
- Joint stock limited company – Anonymous Sirket (AS).
- Closed Limited Liability Company – Limited Sirket (LS).
- Partnership with unlimited liability – Kollektiv Sirket.
- Limited Partnership – Komandit Sirket.
The first two forms are most suitable for foreigners who want to open or buy a company in Turkey.
AS must have at least five shareholders, individuals or legal entities, residents or non-residents. Minimum authorized capital – TL 50,000, paid on the day of filing the registration application. Issue of registered and bearer shares is allowed. The company can engage in any activity not prohibited by Turkish law.
LS has from two founders, the maximum number of – 50 (individuals or legal entities, residents or non-residents), one director. The amount of the authorized capital must be at least 5 thousand Turkish liras. An economic manager is appointed to conduct business. To open a company, you need to visit Turkey.
Kollektiv Sirket is created without the need to contribute capital. All participants are equal and bear unlimited liability for obligations and debts. Partners' profits are subject to taxation at personal income tax rates.
Komandit Sirket also requires no capital payment. The company includes at least one general partner with unlimited and the same number of partners with limited liability. Only the former can manage the partnership. The latter are not liable for the company's debts in excess of their share. Profit is presented as income of individual participants and is subject to personal income tax.
Companies can have 100% foreign capital.
Taxes in Turkey
Income tax in the country is 33%, VAT – 18%, receiving property as a gift or inheritance is taxed at a rate of 4–30%, real estate – 0.3–0.6%.
List of Crystal Tax services for offshore registration in Turkey
- Consulting, including in matters of the choice of legal form.
- Collection of necessary documents and registration.
- Legal service.
- Providing a set of apostilled documents to the client.
- Opening a company in Turkey involves many nuances, so the procedure should be trusted only to experienced professionals. Crystal Tax will not only answer all questions related to offshore companies, but also help with their registration.
Related services
- International structure for e-commerce — the company as part of a working setup with banking, payments and compliance.
- How we work — the steps from jurisdiction choice to substance and ongoing support.
- Structuring consultation — we match the company type and jurisdiction to your business model.
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Frequently asked questions
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Briefly describe your task: the country, the business activity and the timing. That is enough for us to propose a solution and the order of work.
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Our advantages
Corporate structuring, company registration in Ukraine and abroad, tax and reporting, migration, bank accounts, DUNS and NCAGE codes. We run the whole project, from choosing the solution to the finished documents.
Confidentiality terms are set out in our contract. We do not pass information about a client or their project to third parties, except where the law expressly requires it.
We compare jurisdictions against your business task: tax regime, reporting, substance requirements and access to banking. On the call we go through the upsides and the limits of each option.
We name the timeline for every step before the work starts — it depends on the jurisdiction, the registrar and the bank. Personal data is used only to deliver the service.
We handle the correspondence with registrars, government bodies and banks and answer their requests ourselves. From you we need documents and signatures.
We take each case to the finish: if an authority or registrar comes back with remarks, we revise the documents at no extra charge. The fee is calculated for your task before work starts.